DP World expects freight rates to drop by a further 15% to 20% in 2023, with the worst still to come as demand slows, the Dubai-based global logistics company's deputy chief executive and chief financial officer Yuvraj Narayan told Reuters.
Narayan said the first signs of a significant drop in demand were visible and freight rates on the shipping side had declined quite significantly on certain routes as agencies including the International Monetary Fund (IMF) lowered growth forecasts.
Freight rates are the prices at which cargoes are delivered by container from one point of the globe to another.
